Purchase asset on loan and sold within same year
This query is : Resolved
02 September 2013
assets purchase on EMI basis and sold within same year, is interest component of loan is allowable as deduction under income tax? The asset was the only one in it's block and wdv is nill now.
02 September 2013
If int was capitalise then not allowed.
If charged to p and l as rev exp then allowed.
If charged to p and l as rev exp then allowed.
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